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12 Comm QP Account
12 Comm QP Account
Karmaveer Aabasaheb & N.M. Sonawane Arts Commerce & Science college, Satana.
Prremises 20,500
Capital A/C Investments 10,500
Snehal 80,000 Equipments 5,000
Meenal 45,000 1,25,000 B/R 18,000
Creditors 46,000 Debtors 1,10,000
G.reserve 20,000 (-) R.D.D. 11,000
----------- 99,000
Bank --------- 38,000
1,91,000 1,91,000
1) Komal should bring 50,000/- towards her capital for ¼ share in future profit.
2) Goodwill is to be raised in the books of the firm 40,000/-
3) R.D.D to be maintained 5% on debtors.
4) Premises to be valued at 30,000/- & equipments to be written off fully.
5) Creditors allowed discount 1,000/- & they were paid immediately.
Prepare Profit & Loss A/C , Partners Capital A/C & Balance Sheet of the new firm.
OR
Liabities Amt Amt Assets Amt Amt
Building 10,000
Capital A/C Machinery 10,700
Shailesh 11,000 Furniture 10,000
Anil 15,000 Debtors 5,000
Das 8,000 Stock 6,600
33,000 Bank 6,600
Creditors 9,000
Reserve fund 4,000
48,900 48,900
1) Shailesh & Anil share in reserve fund should be continued in the firm.
2) Goodwill of the firm is to be valued at 4,0000/- , however only Das share in it is to be raised in
the book & written off immediately.
3) Assets to be revalued as under; Stock 6,300/-,Machinery 10,000/- , Furniture 10,200/-
4) R.D.D. to be maintained at 10% on debtors.
5) 100/- to be written off form creditors.
6) The amount payable to Das is to be transferred to his loan account.
Prepare Profit & Loss adjustment A/C , partners Capital A/C, Balance Sheet of the new firm on 1-4-
2012
Q.2] Mena & Reenaare equal partners sharing P& L in the ratio 3:2. From the following Trial Balance you
are required to prepare Trading A/C , P& L A/C & Balance Sheet as on 31-03-2012